Press Release
VIS Finalizes Short term Rating of STS-4 of Digital World Pakistan (Pvt) Limited
Karachi, September 03, 2026: VIS Credit Rating Company Limited (VIS) has finalized the short-term rating of ‘A1 (plim)’ (A one preliminary) of the Short-term Sukuk-4 issue (STS-4) of PKR 2.5bn (inclusive of PKR 500mn green shoe option) by Digital World Pakistan (Pvt) Limited (‘DWPL’ or ‘the Company’). The Short-term rating of ‘A1(plim)’ indicates Strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. The entity rating of DWPL is A/A2 (Single A/ A two) with a Stable outlook. Previous rating action was announced on June 24, 2026.
Digital World Pakistan (Pvt) Limited was incorporated on April 06, 2000. The principal activity of the Company is manufacturing and sale of varied interrelated consumer home electronic products, for the brand ‘Gree’ under a licensing agreement with Chinese principals and DWPL’s own brand ‘Ecostar’. The head office of the Company is situated at 5 Zafar Ali Road, Gulberg-CV, Lahore, Pakistan. Manufacturing facility is located at 35-KM Multan Road, Lahore & W-4-6 Port Qasim, Karachi.
The Company has raised financing through a sukuk program of PKR 5,000mn entailing two privately placed, short term sukuk issues (STS-3 & 4) of PKR 2,500mn each (inclusive of green shoe of PKR 500mn per issue), to finance its working capital. The first Sukuk of this program (STS-3) was executed on 15 July 2026 and the subsequent (STS-4) on 27-July 2026. Proceeds will be utilized to bridge temporary working capital needs arising from a shift in the peak sales season due to delays in the summer cycle. The Sukuks have a tenor of six months and carry a profit rate of three-month KIBOR plus 1.15% per annum.
The assigned rating reflects the Company’s strengthened financial profile, supported by its established market position and strong brand equity. The Company has exhibited sustained growth in revenues and profitability driven by expanding sales volumes, deeper market penetration and operational efficiencies. The instrument rating incorporates the seasonal alignment of projected cash flows with Sukuk maturities, availability of working capital lines and buildup of a Finance Payment Account (FPA).
For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
VIS Rating Criteria: Industrial Corporates
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf
VIS Instrument Rating Methodology
https://docs.vis.com.pk/Methodologies-2026/IRM-2026.pdf